Retailers Drive Crypto Payment Adoption According To

© Reuters – Cryptocurrency payments could be the innovation companies are looking for. A recent survey by payments network Mercuryo found that 57% of respondents believe that accepting payments in cryptocurrency would give businesses a competitive advantage. Among other notable statistics, more than a third of companies said that customers had requested to pay in (BTC), Ether (ETH), or another digital currency.

Following the announcement of Tesla’s (DOGE) tests for commodity payments (NASDAQ :) and WhatsApp’s tests for Meta’s Novi Wallet (NASDAQ :) payments, Mercuryo’s report highlights that payment services Retailers will continue to be a key driver of crypto adoption.

The increasingly popular cryptocurrencies in the UK

The report interviewed 501 senior financial decision makers in the UK. Almost half of the sample is made up of large companies employing more than 250 people. Of those surveyed, 40% are directors or directors, while the rest are partners or businessmen.

However, it is critical to keep in mind that larger companies could increasingly lead the way. Petr Kozyakov, CEO and Co-Founder of Mercuryo, said: “Our research shows that 75% of all companies in the e-money industry are adopting a sustainability strategy:

“Our research shows that 75% of all large companies believe that cryptocurrencies will eventually be incorporated into all forms of financial services.”

He added that 72% of large companies in the payments industry see cryptocurrency as the future of payments. More than 75% have seen an increase in demand from customers and providers to offer cryptocurrencies as a payment option.

Cryptocurrencies could be adopted by companies of all sizes

In a series of interviews in The Times, small businesses such as electric bike retailers, shoe brands, and fintech startups have expressed their belief in cryptocurrencies as an asset for businesses. Although bitcoin and cryptocurrency payments only make up a small percentage of their total sales, they say it is a growing and popular service.

Companies like BitPay, Coinbase (NASDAQ :), and Block are here to help ease the transition for businesses to accept cryptocurrency payments. Still, it’s not as easy as receiving your salary in crypto, a growing trend and a magnet for attracting top talent in 2021.

Some obstacles remain to this adoption

According to Kozyakov, “The internal construction of these complex cryptocurrency infrastructures often takes, in some cases, years.” As with new technologies, “there are still implementation barriers that are holding back the rate of adoption.”

The report indicates that a lack of regulatory clarity within the market was cited by 33% of respondents as a barrier to entry, while 27% said vulnerability to scams is a concern and 28% are concerned about scams. exchange rate fluctuations.

While the market capitalization of cryptocurrencies has a proven track record, surpassing $ 2 trillion for most of 2021, it is clear that educating traditional retailers on its use as a payment technology will still take time. However, as the industry has shown time and again, Kozyakov concluded, “it is the pioneers who will reap the rewards of their efforts.”

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